chapter9公司理財(cái)(編輯修改稿)
2025-01-04 22:00 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 and that the cash flows are about as risky as the rest of the pany’s business. Then: PV = – 400 + 500 + (– 400/) + (– 400 + 840)/ = +100 or $NZ100 million10. a. If you agree to the fixed price contract, operating leverage increases. Changes in revenue result in greater than proportionate changes in profit. If all costs are variable, then changes in revenue result in proportionate changes in profit. Business risk, measured by bassets, also increases as a result of the fixed price contract. If fixed costs equal zero, then: bassets = brevenue. However, as PV(fixed cost) increases, bassets increases.b. With the fixed price contract: PV(assets) = PV(revenue) – PV(fixed cost) – PV(variable cost) PV(assets) = $97,462,710 Without the fixed price contract: PV(assets) = PV(revenue) – PV(variable cost) = $111,111,11111. a. Expected daily production = ( 180。 0) + 180。 [( x 1,000) + ( x 5,000)] = 2,720 barrels Expected annual cash revenues = 2,720 x 365 x $15 = $14,892,000b. The possibility of a dry hole is a diversifiable risk and should not affect the discount rate. This possibility should affect forecasted cash flows, however. See Part (a).12.Ratio of s’sCorrelationBetaBrazilEgyptIndiaIndonesiaMexicoPolandThailandSouth Africa The betas increase pared to those reported in Table because the returns for these markets are now more highly correlated with the . market. Thus, the contribution to overall market risk bees greater.13. The information could be helpful to a . pany considering in
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